From Realtor Magazine Online, Daily Real Estate News August 14, 2008
Robert Toll, the outspoken CEO of Toll Brothers Inc. luxury home builder, says sales were weak in the latest quarter, but there’s “growing pent-up demand” from people who have delayed buying for the past three years."
Although the rate of cancellations as a percentage of our backlog remained quite elevated compared to our historical standards, total cancellations during the third quarter of 195 were the lowest quarterly total in over two years," Toll said. "We believe this reduction in cancellations is a positive sign."
Toll Brothers estimates it will have $100 million to $200 million in pretax write downs for the quarter. Mostly, the company is writing off land and land options bought before the housing market declined. Toll owns 48,500 lots, down 47 percent from a high reached two years ago.
Source: The Wall Street Journal, David Benoit (08/14/2008)
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